🔵 [ANN][ICO] 50% SOLD! Aurora 🔥 Decentralized Finance and Banking + Exchange 🔵

[AuroraDao]

I will watch over you. Etherdelta is not very convenient to exchange. If you do as written, it's fine.

Thanks! If you have any feedback on how we can make our product better we'd love to hear it. We think it is about time that decentralized exchanges start competing with centralized ones.

[1713299224]

1713299224

[FarmerOak]

Price: $3000 USD per DVIP, equivalent in ETH (price updated dynamically)

that is so expensive ..why you are guys just create less than 10K dvip?

Hi and solid question. There is only a total of 2,000 DVIP, but each DVIP (and fractions of) come with amazing benefits, and they are redeemable for large amounts of our utility token Aurora (AUR). DVIP is good for getting discounted (or even FREE) trades, and each whole DVIP comes with 50,000 AUR tokens, which will be used as a staking currency once we become fully decentralized. Holders of AUR will be able to stake their tokens to help run the network, and in return get paid from all revenue streams from Aurora.

While it may seem expensive, you can buy as small as .01 DVIP for $30 and get proportional benefits, including 500 AUR tokens.

Let me know if you have any further questions!

Best regards,
Brian

[AuroraDao]

Hey everyone,

Interested but don't know where to start?

Check out our recent article on Medium (2-3 minute read). It gives you a quick summary of our product and why we're different. Check it out and let us know your thoughts.

[FarmerOak]

Hey everyone. We posted on reddit this morning and people seem pretty stoked about the project. Come join the discussion or read other people's thoughts here: https://www.reddit.com/r/ethereum/comments/73t1s3/the_first_realtime_decentralized_exchange_is_now/

[Coiner_]

I found this exchange yesterday thanks to eLTC, one of them at least. Compared to EtherDelta, it's a lot more presentable and it works on mobile (!!!), sort of; everything is squished on mobile, worse than Bittrex, and it's almost unusable. I have a few questions though.

- Why is there no homepage for the exchange? When I go to https://idex.market I expect a frontpage of all the coins but I'm redirected to the trade page of something called DVIP. Maybe I've been spoilt by Bittrex.

- Can you explain the fees structure a little (lot) more clearly? I read the FAQ fees page but barely got it. It says 0.2% but then starts to go into a bunch of other stuff that makes it convoluted, and I know Eth and fees go hand-in-hand like mac and cheese.

[AuroraDao]

I found this exchange yesterday thanks to eLTC, one of them at least. Compared to EtherDelta, it's a lot more presentable and it works on mobile (!!!), sort of; everything is squished on mobile, worse than Bittrex, and it's almost unusable. I have a few questions though.

- Why is there no homepage for the exchange? When I go to https://idex.market I expect a frontpage of all the coins but I'm redirected to the trade page of something called DVIP. Maybe I've been spoilt by Bittrex.

- Can you explain the fees structure a little (lot) more clearly? I read the FAQ fees page but barely got it. It says 0.2% but then starts to go into a bunch of other stuff that makes it convoluted, and I know Eth and fees go hand-in-hand like mac and cheese.

Hey Coiner_, thanks for reaching out! "Compared to EtherDelta, it's a lot more presentable and it works on mobile (!!!)" - Glad you like it! We've put a lot of work into the UX. In terms of mobile we don't have a mobile version yet. After the crowdsale we plan to get an IOS and Android app.

"Why is there no homepage for the exchange?"

Right now we are a very small team and we are more concerned with features that will onboard more users such as a proper API and scaling. We plan to improve the UI but it is not a high priority right now given the other stuff we can improve.

"Can you explain the fees structure a little (lot) more clearly?"

Sure! 0.1% Maker and 0.2% taker trade fees. Taker also pays ethereum gas fees. Unlike etherdelta you don't need to have eth in your wallet to pay gas, we pay the fees for your trade and then take them in the currency you are receiving. For example if you are buying AURA with eth and are the taker, we'll take the 0.2% trade fee and the ethereum gas fees in the AURA you receive.

Hope this clarifies up your questions.

[Coiner_]

I found this exchange yesterday thanks to eLTC, one of them at least. Compared to EtherDelta, it's a lot more presentable and it works on mobile (!!!), sort of; everything is squished on mobile, worse than Bittrex, and it's almost unusable. I have a few questions though.

- Why is there no homepage for the exchange? When I go to https://idex.market I expect a frontpage of all the coins but I'm redirected to the trade page of something called DVIP. Maybe I've been spoilt by Bittrex.

- Can you explain the fees structure a little (lot) more clearly? I read the FAQ fees page but barely got it. It says 0.2% but then starts to go into a bunch of other stuff that makes it convoluted, and I know Eth and fees go hand-in-hand like mac and cheese.

Hey Coiner_, thanks for reaching out! "Compared to EtherDelta, it's a lot more presentable and it works on mobile (!!!)" - Glad you like it! We've put a lot of work into the UX. In terms of mobile we don't have a mobile version yet. After the crowdsale we plan to get an IOS and Android app.

I see. Do you guys have a Discord or (please no!) slack/telegram? I also saw someone asking about a Github or something like that in the chatbox.

"Why is there no homepage for the exchange?"

Right now we are a very small team and we are more concerned with features that will onboard more users such as a proper API and scaling. We plan to improve the UI but it is not a high priority right now given the other stuff we can improve.

I understand. I mean, you're already miles ahead of EtherDelta.

"Can you explain the fees structure a little (lot) more clearly?"

Sure! 0.1% Maker and 0.2% taker trade fees. Taker also pays ethereum gas fees. Unlike etherdelta you don't need to have eth in your wallet to pay gas, we pay the fees for your trade and then take them in the currency you are receiving. For example if you are buying AURA with eth and are the taker, we'll take the 0.2% trade fee and the ethereum gas fees in the AURA you receive.

Hope this clarifies up your questions.

It does but I want to make sure I'm absolutely getting it right before I start wow'ing. You technically pay all the fees by taking the required % from our received traded tokens so I don't have to worry about all those gwei/wei/eth/gas calculations. Is that correct?

[AuroraDao]

I found this exchange yesterday thanks to eLTC, one of them at least. Compared to EtherDelta, it's a lot more presentable and it works on mobile (!!!), sort of; everything is squished on mobile, worse than Bittrex, and it's almost unusable. I have a few questions though.

- Why is there no homepage for the exchange? When I go to https://idex.market I expect a frontpage of all the coins but I'm redirected to the trade page of something called DVIP. Maybe I've been spoilt by Bittrex.

- Can you explain the fees structure a little (lot) more clearly? I read the FAQ fees page but barely got it. It says 0.2% but then starts to go into a bunch of other stuff that makes it convoluted, and I know Eth and fees go hand-in-hand like mac and cheese.

Hey Coiner_, thanks for reaching out! "Compared to EtherDelta, it's a lot more presentable and it works on mobile (!!!)" - Glad you like it! We've put a lot of work into the UX. In terms of mobile we don't have a mobile version yet. After the crowdsale we plan to get an IOS and Android app.

I see. Do you guys have a Discord or (please no!) slack/telegram? I also saw someone asking about a Github or something like that in the chatbox.

Yup, we have both a Discord and a telegram. We just switched to the telegram two days ago, I like discord better but a lot of people seem to like telegram.

"Why is there no homepage for the exchange?"

Right now we are a very small team and we are more concerned with features that will onboard more users such as a proper API and scaling. We plan to improve the UI but it is not a high priority right now given the other stuff we can improve.

I understand. I mean, you're already miles ahead of EtherDelta.

Thanks! We want to get to the top and stay there, which will take a lot of innovation. Aurora is much bigger than IDEX, the goal is to make a fully decentralized banking platform with its own price-stable cryptocurrency, but we have focused this ANN thread on IDEX because everyone understands the need for exchanges. There have been a lot of ethereum exchanges to ICO recently but we think our approach is the best, and we built a working product all without getting 10s of millions of dollars in ICO funding. We are the only next generation DEX on the market and we plan to be the biggest player  

"Can you explain the fees structure a little (lot) more clearly?"

Sure! 0.1% Maker and 0.2% taker trade fees. Taker also pays ethereum gas fees. Unlike etherdelta you don't need to have eth in your wallet to pay gas, we pay the fees for your trade and then take them in the currency you are receiving. For example if you are buying AURA with eth and are the taker, we'll take the 0.2% trade fee and the ethereum gas fees in the AURA you receive.

Hope this clarifies up your questions.

It does but I want to make sure I'm absolutely getting it right before I start wow'ing. You technically pay all the fees by taking the required % from our received traded tokens so I don't have to worry about all those gwei/wei/eth/gas calculations. Is that correct?

Hahahahaha, love the enthusiasm! Yes that is correct, we pay the gas fees on each trade and then add that cost onto the taker's trade fees. From our research it seems that needing eth for gas confuses a lot of people on etherdelta and leads to a poor user experience. By doing it this way no one ever has to think about whether or not they need to top up their ether holdings to pay for transactions.

[Lawlez]

reserved - nice to see another new ex

[AuroraDao]

reserved - nice to see another new ex

Thanks Lawlez! Make sure to try IDEX out as we have already launched on the mainnet  

Unlike all the other DEX token sale projects we actually delivered a product that functions extremely well before even starting our ANN thread.

[AuroraDao]

New post on the ethereum subreddit with a short blog about how IDEX works! Great questions in the comments, hop on over to learn more 

https://www.reddit.com/r/ethereum/comments/759jp6/how_idex_works_oneoff_state_hop_with_onchain/

[Coiner_]

New post on the ethereum subreddit with a short blog about how IDEX works! Great questions in the comments, hop on over to learn more 

https://www.reddit.com/r/ethereum/comments/759jp6/how_idex_works_oneoff_state_hop_with_onchain/

The article is good but I'll have to admit some parts went above my head. This article by Ethfinex kept on ringing in my head as I read it; Ethfinex is another (upcoming) DEX that has chosen to adopt a decentralized-centralized hybrid model to deal with issues. The most pertinent part of the article I'm concerned with is this:



How does IDEX compare? You obviously don't have Bitfinex's volume yet but I'm just curious especially since I've heard stories about EtherDelta lagging 24 hours behind.

[-- snip --]

[-- snip --]

It does but I want to make sure I'm absolutely getting it right before I start wow'ing. You technically pay all the fees by taking the required % from our received traded tokens so I don't have to worry about all those gwei/wei/eth/gas calculations. Is that correct?

Hahahahaha, love the enthusiasm! Yes that is correct, we pay the gas fees on each trade and then add that cost onto the taker's trade fees.

I've wowed. Impressive.

From our research it seems that needing eth for gas confuses a lot of people on etherdelta and leads to a poor user experience. By doing it this way no one ever has to think about whether or not they need to top up their ether holdings to pay for transactions.

Yes it does, it absolutely does.

[AuroraDao]

How does IDEX compare? You obviously don't have Bitfinex's volume yet but I'm just curious especially since I've heard stories about EtherDelta lagging 24 hours behind.

That is a great question and one we think about a lot. Right now IDEX alone can handle about 20 to 50 trades per second depending on a few key variables, which means we can handle anywhere from 2 to 4 times the amount of transactions per second that Ethereum can. We have put zero work into scaling yet and we already can bring more business to ethereum than it can handle, and we are just one of hundreds of dapps that is using ethereum for settlement of funds. While our approach lets our users keep trading like the backlog is not there, every trade still needs to settle on the blockchain before it is complete.

We are extremely interested in sidechains (plasma, Dfinity, CASPER, other options?) both for scaling and also with getting this fully decentralized. If we have our own ethereum clone for processing transactions we can grow for about another year at least until we start running into issues. From there we can scale in parallel, adding new blockchains as sidechains and have each one handle different trading pairs. If we have our own network it is also a lot easier to turn the rest of this into a protocol and fully decentralize the orderbook and transaction arbiter.

We are currently exploring how we can turn this sidechain approach into a protocol that will let high performance exchanges each have their own sidechain to ethereum while sharing liquidity with each other. What we imagine is that the end product will end up being a protocol that allows many high performance sidechain based exchanges to share an orderbook and once Ethereum scales we'll integrate liquidity from the sidechain protocol with the on chain IDEX and have them share liquidity in one pool. That way users who want full security can choose to stay on chain and keep the gas costs, and those who want no gas costs (and complete privacy via zk snarks) can choose the "blackbox" sidechain option.

[Coiner_]

How does IDEX compare? You obviously don't have Bitfinex's volume yet but I'm just curious especially since I've heard stories about EtherDelta lagging 24 hours behind.

That is a great question and one we think about a lot. Right now IDEX alone can handle about 20 to 50 trades per second depending on a few key variables, which means we can handle anywhere from 2 to 4 times the amount of transactions per second that Ethereum can. We have put zero work into scaling yet and we already can bring more business to ethereum than it can handle, and we are just one of hundreds of dapps that is using ethereum for settlement of funds. While our approach lets our users keep trading like the backlog is not there, every trade still needs to settle on the blockchain before it is complete.

That's good to hear. When you start showing up as a market on CMC volume on the DEX should increase so it'll be interesting to see what happens.

I have another question regarding this:



That minimum order limit is huge compared to, for example, Bittrex's (~$0.15):



... and even the taker minimum order of IDEX. I imagine this might be a non-issue for most traders but I had this issue pointed out to me by someone I told about the exchange. Is there a chance it could be reduced to be closer to even the taker minimum order? I think it might be a barrier for people just hearing about IDEX.

[AuroraDao]

Is there a chance it could be reduced to be closer to even the taker minimum order? I think it might be a barrier for people just hearing about IDEX.

Great question! We hate to have it this way but we have no choice but to have it until Ethereum scales and gas prices drop dramatically. On our sidechain version we won't have these minimums.

The issue is that on IDEX we have trade matching (unlike etherdelta, 0x relayers and others) which means that you are automatically matched with the best order and cannot route your trades around smaller orders you don't want to match with. The taker pays the gas fees and without a minimum order size it would be possible for people to place tiny orders that essentially spam the orderbook and make it extremely expensive to trade on IDEX. For example no one is going to want to pay $0.40 in gas fees on a $5 dollar order, that is essentially a 12.5% fee, which is absolutely insane. By having a $100 minimum we keep fees lower for takers who have no choice but to match the best priced order.

Gas fees on Ethereum are already very high and it will probably get worse over the next year. With our design of matching in real time and settling with a delay we can use a lower gas price than you would use on etherdelta, but that only helps to an extent as many dapps are coming online and transactions will be competing to be picked up in a reasonable time frame. Right now it is about 40 cents a trade, we hope to lower the gas price once this hardfork comes and lowers the congestion, but gas prices will always be a factor. If you are a taker and buy an order worth $100 USD you will have about a 0.6% fee. 0.4% comes from the gas fees and 0.2% from the IDEX fees. Most people are happy to pay higher fees given that their funds are guaranteed safe from hacking and inside jobs, but it is our job as designers of the exchange to make sure our customers are not subject to very high fees.

There are tradeoffs when making a DEX instead of a centralized exchange. We're trying to keep the UX of centralized exchanges, which we have done with trade speed, but until Ethereum scales (and gas prices drop dramatically), or we have our side chain, gas prices are going to have an impact in the design and UX of IDEX.

[pumz]

We have more and more decentralized exchanges I also strongly believe future belongs to these changers. I need to catch up with all the previous information after that will try to perform some small transactions to check how fast it works. It should be fast than other existed similar concept based exchanges in order to see success.

[AuroraDao]

We have more and more decentralized exchanges I also strongly believe future belongs to these changers. I need to catch up with all the previous information after that will try to perform some small transactions to check how fast it works. It should be fast than other existed similar concept based exchanges in order to see success.

Thanks! It is extremely fast, no other Ethereum DEX has come anywhere close to this speed. We are the only group that has an exchange with this approach live, we built it already and you can use it now. Only one other group, Leverj, is attempting to build an exchange like this but they are only in the whitepaper stage and are asking for way too much money in their crowdsale. They also have no plans on scaling, which is silly to me as Ethereum is more than 4 years away from scaling in any amount that will allow for high performance DEX's to compete with centralized ones. 

When testing make sure you know that the minimum maker order is $100 and minimum taker is $10. Please see the comments above to understand why we have designed it that way.

On a different note, stay tuned as our bounty thread is coming out in a few hours.

[FarmerOak]

Hi everyone! We're excited to announce the launch of our bounty where we're giving away 50 DVIP/2,500,000 AURA. Information has been added to the ANN, but the full details are in a separate thread.

Full Bounty Details
Bounty start: Now
Bounty end: 1 week after token sale start or 24 hours after all tokens have been sold, whichever comes first

Aurora IDEX has reserved up to ~3% of our token sale (2,500,000 AURA/50 DVIP) for use in our bounty. We will be offering the following campaigns:

• Email list signup campaign (10%)
  
• Bitcointalk signature campaign (30%)
  
• Media campaign (40%)
  
• Discretionary campaign (20%)
  

Feel free to reach out in either thread if you have any questions. Thanks!

[FarmerOak]

Thanks to kojektea for generating this youtube video outlining the Aurora project!

This user earned DVIP for his submission-- if you're interested in helping out please check out our bounty!

[FarmerOak]

Someone just wrote a great getting started guide for getting up to speed and trading on IDEX!

How to Trade At Idex The Ethereum Token Marketplace

You can also view it on reddit: https://www.reddit.com/r/ethtrader/comments/76nyia/how_to_trade_at_idex_the_ethereum_token/

This user earned our highest tier for media submissions- if you're interested in helping out and getting rewards check out our bounty!